Savills Portugal

The extension to the stamp duty holiday in England came as welcome news for many when it was confirmed by the Government last month.

Aimed at helping buyers who may have lost out financially due to Covid, it allows you to spend up to £500,000 on a property, as long as it is your main residence, without paying anything in tax. More expensive properties will only be taxed on their value above £500,000, so if you are buying over this threshold you will still benefit from a £15,000 saving.

Time is of the essence – in order to take advantage, your sale must be completed by the end of June. After that, stamp duty will apply on purchases at or above £250,000 until the end of September and then will drop back to the usual threshold of £125,000.

With the clock ticking, you may be wondering how realistic it is to make your move before the June deadline. Buying in a new-build development, where there is no forward chain, could help speed up the process. And while it’s true that buying a new home can take months, it doesn’t have to.

Here are a number of tips for speeding up the process:

Choose a property that is already ‘build complete’, that is, ready to move into or will be within the next four to six weeks. This is crucial in order to keep on track with the timeline for purchase completion.
Make good use of the sales team. They are the experts in the development and will help you choose the right property for you. They can also guide you through the buying process so do ask them for help and advice on meeting the deadline and allow them to help you chase the sale through with your solicitor and the developer.
Using a solicitor who is familiar with sales on your chosen development and may have local search results and all contract enquiries already in hand could speed up the process considerably.
Consider using an independent financial advisor as opposed to going direct to the lender. They will chase the lender for you and stand a greater chance of obtaining funding in the fastest timescale.
Instruct both your solicitor and financial advisor as soon as you agree to purchase a property and ask them both what you need to do to ensure you meet the stamp duty deadline. Ask for a list of actions you will be expected to complete so you can tick them off as you go.

If you are looking to take advantage of what’s left of the holiday to pay no stamp duty at all, here’s a selection of new-build apartments that could just fit the bill.